Property and Equipment

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

The Company's property and equipment consists primarily of cargo aircraft, aircraft engines and other flight equipment. Property and equipment, to be held and used, is summarized as follows (in thousands):



	December 31, 2015			December 31, 2014
Flight equipment	$	1,372,099		$	1,285,966
Ground equipment	36,593			33,677
Leasehold improvements, facilities and office equipment	25,327			25,180
Aircraft modifications and projects in progress	52,717			18,612
	1,486,736			1,363,435
Accumulated depreciation	(611,335		)	(516,167		)
Property and equipment, net	$	875,401		$	847,268

CAM owned aircraft with a carrying value of $369.2 million and $289.5 million that were under leases to external customers as of December 31, 2015 and 2014, respectively. Minimum future lease payments for aircraft and equipment leased to external customers as of December 31, 2015 is scheduled to be $76.6 million, $70.5 million, $65.8 million, $33.5 million and $15.3 million for each of the next five years ending December 31, 2020.

The carrying value of Boeing 727 and DC-8 freighter aircraft and engines available for sale totaled $0.3 million and $0.7 million as of December 31, 2015 and 2014, respectively.